Stone Road
$20 million Senior Credit Facility
Overview
Stone Road Energy (“SRE”) headquartered in Bridgeton, ME is a leading provider of fuel delivery services for both the residential and commercial markets in Maine, Vermont, and New Hampshire. SRE offers a variety of heating products including oil, kerosene, diesel, and propane. In addition, they provide equipment maintenance and repair services.
Situation
Stone Road Capital Partners acquired the Company in 2014. Subsequent to their initial investment they executed a variety of add-on acquisitions as part of an overall consolidation strategy. After a potential lender failed to provide additional capital for continued growth, the Sponsor was forced to find a new capital provider who could close the financing within a 3 week time frame.
Solution
Crystal agented a $20.0MM Senior Secured Facility comprised of a $3.0MM Revolver and a $17.0MM Term Loan. Proceeds were used to refinance existing debt and build upon SRE’s proven track record of acquiring, integrating, and building on solid foundations.
“A core component of our investment thesis is to consolidate this highly fragmented industry and therefore having a reliable source of capital to facilitate acquisitions is critically important. Crystal differentiated themselves and stepped up to execute this financing in a very expedited time frame. We are excited to be working with a group of such high caliber professionals.”
—-Bill Overbay, Partner